Key Insights:
- Ethereum crypto NUPL fell to near −0.35, a level associated with previous price floors.
- Ethereum recorded 989,500 active addresses, its busiest day since March.
- ETH traded near $1,874 as network staking reached a record 42 million tokens.
Similar readings appeared near major price floors in 2019, 2020, 2022, and 2025. However, the indicator does not confirm that selling has ended. It measures only ETH held on Binance, not the network’s entire supply.
Ethereum Crypto NUPL Returns to a High-Stress Zone
NUPL compares unrealized profits with unrealized losses across a selected supply group. Positive readings indicate aggregate paper profits, while negative figures show that holders are underwater.
A −0.35 reading indicates severe buying pressure on the covered supply of Binance. In simple terms, its unrealized losses equal roughly 35% of current market value.
MorenoDV noted that similar levels appeared around several earlier Ethereum lows. The times were late 2019, March 2020, and two phases of the bottom in 2022.
Some sellers are more sensitive to lower prices and can be depleted of their resources after severe losses. The other owners may not want to sell at lower prices, thus limiting supply in the market.
Still, the first threshold breach has sometimes preceded another test or lower low. A NUPL recovery while ETH holds support would strengthen the bottoming case. Further deterioration would suggest capitulation has not finished.
Ethereum Crypto Activity Rises as Staking Hits 42M ETH
Meanwhile, Santiment reported 989,500 active Ethereum addresses in one day. This was the highest daily reading since March, indicating a sharp rise in wallet use.
Liquid staking platforms issue tradable tokens against deposited ETH. The holders can sell those derivatives or use them as collateral, preserving liquidity even if the underlying investment performs poorly.
Low mainnet fees have also contributed to a drop in ETH burning. Fee-driven supply destruction can be reduced by layer 2 networks, which operate off-chain relative to the base layer of Ethereum. Validator rewards will thus be higher than the amount of ETH burned during quieter times, causing minor supply inflation.
ETH Price Tests $1,925 While Momentum Stays Neutral
Notably, the ETH price trades between support near $1,850 and resistance around $1,925. Ether holds near $1,874 after falling from the earlier $2,300-$2,400 range.
The token sits near its 20-day EMA at $1,884. It also trades above the 50-day EMA near $1,863. However, the 100-day EMA around $1,923 has repeatedly capped recovery attempts.
A daily close above $1,925 could expose the $1,980-$2,050 area. Stronger buying could then bring $2,100 into focus.
Conversely, a close below $1,850 would weaken the short-term structure. The next support areas sit near $1,780 and $1,720. A wider breakdown below $1,800 could revive attention around $1,500.
The RSI near 50 shows neither buyers nor sellers control momentum. For Ethereum crypto traders, trading volume must expand during any breakout to reduce the risk of another rejection.
